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HO HO HO- Rates on hold
December 3, 2013
In what could have been the perfect opportunity to spur some early Christmas cheer – the Reserve Bank has decided in its meeting today that conditions in the economy are presently strong enough, therefore does not warrant another rate cut prior to Christmas.
Although we all may have been looking forward our home loan repayments decreasing – the recent reduction again the Australian dollar, improvements in housing prices, strong capital expenditure figures and continued positive signs in the mining industry have all lead the RBA to assume that previous rate cut action has resulted in a relative recovery in the domestic economy. With this in mind, most economists do predict another rate cut early next year, possibly in March, with the economic outlook looking a little softer before improving again in 2015.
Despite this result – there are still several banks and lenders offering competitive fixed and variable rates which might be able to save you a similar amount, if not more than this rate cut would have provided – so take a few minutes and click here to see how your loan stacks up against the competition.
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